School Operations and Enrollment - As of June 30, 2024, China East Education operated 234 schools and centers with an average of 144,793 students enrolled and customers registered for the six months ended[3] - The culinary arts segment, under the New East and Cuisine Academy brands, had 93 schools with an average of 57,013 students enrolled[7] - The auto services segment, branded as Wontone, operated 41 schools and had an average of 40,143 students enrolled[7] - The information technology segment, under Xinhua Internet and Wisezone brands, included 57 schools with an average of 39,590 students enrolled[7] - The fashion and beauty segment, branded as On-mind, had 7 schools with an average of 3,409 students enrolled[7] - The western cuisine and pastry segment, branded as Omick, operated 36 schools with an average of 4,638 students enrolled[7] - The number of schools in operation reached 245 as of December 31, 2023, including 76 schools under New East Culinary Education and 46 schools under Omick Education of Western Cuisine and Pastry[8] - As of June 30, 2024, the company operated 234 schools and centers across almost all provinces in mainland China and Hong Kong[15] - The company operates under seven school brands, including New East Culinary Education and Xinhua Internet Technology Education[15] Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,983 million, compared to RMB 1,953 million for the same period in 2023, representing a growth of approximately 1.5%[10] - Net profit for the period increased to RMB 272 million for the six months ended June 30, 2024, up from RMB 204 million in the same period of 2023, reflecting a growth of approximately 33.3%[10] - Adjusted net profit for the six months ended June 30, 2024, was RMB 278 million, compared to RMB 176 million in the same period of 2023, indicating a growth of approximately 57.9%[10] - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 715 million, an increase from RMB 633 million in the same period of 2023, representing a growth of approximately 13%[10] - Total assets amounted to 9,259 million as of the reporting period[11] - The net assets as of June 30, 2024, were RMB 5,496 million, a slight decrease from RMB 5,608 million as of December 31, 2023[9] Enrollment Trends - For the six months ended June 30, 2024, the total new student enrollments in the Culinary Arts segment decreased by 11.2% to 34,682 from 39,068 in the same period of 2023[20] - In the Western Cuisine and Pastry segment, new student enrollments fell by 12.9% to 7,549 compared to 8,666 in the prior year[20] - The Information Technology and Internet Technology segment experienced a decrease of 11.1% in total new student enrollments, dropping from 14,835 to 13,192[22] - The total number of new students enrollment for the group decreased by 7.7% to 78,009 in the six months ended June 30, 2024, compared to 84,552 in 2023[24] - The average number of long-term students enrolled as of June 30, 2024, increased by 3.8% to 37,006 from 35,653 in 2023[28] - The average number of long-term students enrolled in the "On-mind" segment surged by 189.9% to 2,574 from 888 in 2023[28] Cost and Profitability - Gross profit for the six months ended 30 June 2024 was RMB 1,051 million, compared to RMB 997 million for the corresponding period in 2023, with a gross profit margin of 53.0% compared to 51.1% in 2023[47] - Teaching staff salaries and benefits accounted for RMB 377.9 million, representing 40.5% of total costs for the six months ended 30 June 2024, up from 37.9% in 2023[46] - Selling expenses decreased from RMB 513 million for the six months ended 30 June 2023 to RMB 464 million for the six months ended 30 June 2024, primarily due to tighter control on advertising costs[53] - The cost of revenue decreased from approximately RMB 956 million for the six months ended 30 June 2023 to approximately RMB 932 million for the six months ended 30 June 2024, representing a decrease of approximately 2.5%[43] Strategic Initiatives - The company established Anhui Xinhua Education to consolidate all schools under a single entity, increasing operational efficiency[8] - The company expanded its business to Hong Kong, increasing its market presence[8] - The Group plans to establish Vocational Education Industrial Parks in major student recruitment provinces to enhance teaching and training facilities[65] - The Group intends to expand its school network to cover all provincial capital cities in China, targeting cities with high demand for skilled workers[67] - The Group is exploring new markets for vocational training in emerging fields such as artificial intelligence and healthcare[70] Shareholding and Corporate Governance - As of June 30, 2024, Mr. Wu Junbao holds 721,792,602 shares, representing 33.13% of the company's issued share capital[83] - Mr. Wu Wei owns 490,361,609 shares, accounting for 22.51% of the total issued share capital[83] - The interests of directors and chief executives in associated corporations are significant, indicating strong ownership ties[84] - The company has complied with all code provisions set out in the Corporate Governance Code during the six months ended June 30, 2024[106] - The company is committed to enhancing its corporate governance practices to safeguard the interests of shareholders and potential investors[106] Compliance and Regulatory Environment - The Group is subject to annual reviews of connected transactions by relevant governmental authorities[108] - The newly revised "Vocational Education Law of the People's Republic of China" was implemented in May 2022, improving the recognition of vocational education[115] - The Group's vocational education business aligns with the requirements of modern vocational education systems as outlined in recent policies, which is expected to benefit future development[116] Cash Flow and Investments - Net cash from operating activities for the six months ended June 30, 2024, was RMB 639,213, an increase of 31% compared to RMB 487,865 for the same period in 2023[148] - Net cash used in investing activities amounted to RMB (245,028) for the six months ended June 30, 2024, compared to RMB (145,166) in the same period of 2023, indicating a significant increase in investment outflows[148] - The company received asset-related government grants amounting to RMB 39,169, a significant increase from RMB 368 in the same period last year[148] - The company reported a net cash used in financing activities of RMB (566,056), a decrease from RMB (595,240) in the same period of 2023, reflecting improved financing efficiency[148]

社会服务 证券分析师 朱芸 S1350524070001 zhuyun@huayuanstock.com 研究支持 联系人 市场表现： | --- | --- | |-------------------------|--------------------| | 股票数据： | 2024 年 8 月 27 日 | | 收盘价（港元） | 2.35 | | 一年内最高/最低（港元） | 3.65/1.91 | | 总市值（百万港元） | 5099 | | 市净率 PB | 0.87 | | 基础数据： | 2024 年 6 月 30 | | 总股本（百万股） | 2178.85 | | 总资产（百万元） | 9259.37 | | 净资产（百万元） | 5495.55 | | 每股净资产（元） | 2.52 | | 资料来源：公司公告， | | 首次覆盖报告 2024 年 08 月 28 日 中国东方教育(0667.HK) 增持（首次覆盖） ——降本增效显著，招生结构优化、盈利能力改善 投资要点： ➢ 2024H1 公司实现营收 19.83 亿元，同比增长 1.6%；实现归母净利润 2.72 亿元，同比增长 ...

港股公司报告 | 公司点评 业绩兑现分红延续，关注股息属性 公司发布 2024H1 业绩报告 24H1 年实现营收 19.83 亿人民币，同比+1.6%；净利 2.72 亿，同比+33.2%； 调后净利 2.78 亿，同比+57.9%。 分品牌看：新东方及美味学院 9.19 亿（占比 46.3%，同比-2.4pct），同比-3.3%； 欧米奇 1.59 亿（占比 8.0%，同比-0.2pct），同比-0.8%； 新华电脑及华信智原 3.78 亿（占比 19.1%，同比-1.2pct），同比-4.3%； 万通 4.49 亿（占比 22.6%，同比+1.9pct），同比+11.1%； 欧曼谛 0.40 亿（占比 2.0%，同比+1.2pct），同比+142.1%。 截止至 24H1，公司定期存款 13.01 亿，现金及等价物 13.44 亿，合计 26.45 亿；净资产 54.96 亿，PB 为 0.9。本次派息（2023 年股息）4 亿人民币； 公司 2019-2023 年派息分别为 4.2/4.9/4.5/3.9/4 亿，合计约 22 亿。 公司学校 234 所，24H1 新培训人次及新客户注册人数 7.8 ...

调结构、费用管控效果显著，时尚美业增长靓丽 2024 年 08 月 22 日 ➢ 事件：中国东方教育发布 2024 年半年报。2024 年公司实现收入 19.83 亿 元/yoy+1.6%，归母净利润为 2.72 亿元/yoy+33.2%，经调整净利润为 2.78 亿 元/yoy+57.9%。24H1 公司毛利率为 53%/yoy+1.93pcts，归母净利率为 13.72%/yoy+3.27pcts，经调整归母净利率为 14.02%/yoy+5.01pcts。 ➢ 学校结构优化效果显著，公司成本及费用率显著优化。从学校数量来看， 24H1 公司学校数量为 234 所，同比减少 11 所，截至 2024H1，公司旗下拥有 新东方烹饪教育/美味学院/欧米奇/新华电脑/华信智原/万通汽修/欧曼谛各 75/18/36/38/19/41/7 所，分别较 2023 年变动-1/0/-10/-1/-1/0/+2 所，持续 对相关学校进行结构优化。此外，公司亦对销售费用进行了管控，带动公司费率 显著优化。综合影响下，2024H1 公司营业成本为 9.32 亿元/yoy-2.45%，公司 销 售 费 用 率 / 管 理 费 ...

社会服务 2024 年 08 月 22 日 中国东方教育 (00667) ——招生策略适时调整，严控费用利润喜人 报告原因：强调原有的投资评级 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 21 日 | | 收盘价（港币） | 2.58 | | 恒生中国企业指数 | 6141.78 | | 52 周最高/最低（港币） | 3.85/2.01 | | H 股市值（亿港币） | 56.21 | | 流通 H 股（百万股） | 2,178.85 | | 汇率（人民币/港币） | 1.0923 | 一年内股价与基准指数对比走势： -30% -20% -10% 0% 10% 20% 30% 40% 2023-082023-112024-022024-052024-08 恒生中国企业指数 00667.HK 资料来源：Bloomberg 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 (8621)23297818× huangzhe@sw ...

证券研究报告|港股公司点评报告 [Table_Date] 2024 年 08 月 22 日 [Table_Title] 业绩超预期，降本增效落地 [Table_Title2] 中国东方教育(0667.HK) | --- | --- | --- | --- | |------------------------|-------|----------------------------|-----------| | [Table_DataInfo]评级： | 买入 | 股票代码： | 0667 | | 上次评级： 买入 | | 52 周最高价/最低价(港元)： | 3.85/2.01 | | | | ) | 56.21 | | 最新收盘价： | 2.58 | 自由流通市值(亿港元) | 56.21 | | | | 自由流通股数(百万) | 2,178.85 | [Table_Summary] 事件概述 2024H1 公司收入/归母净利/经调归母净利分别为 19.83/2.72/2.78 亿元、同比增长 1.6%/33.2%/57.9%， 超出市场预期。归母净利增速高于于收入增速主要由于毛利率提升和费用率全面下降， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA EAST EDUCATION HOLDINGS LIMITED 中國東方教育控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：667） | --- | --- | --- | --- | |-----------------------------------------------------|------------|---------------|---------------| | | | | | | 摘要 | | | | | | 截至 6 月 | 30 日止六個月 | 變動 | | | 2024 年 | 2023 年 | 增加╱（減少） | | 新培訓人次及新客戶註冊人數 | 78,009 | 84,552 | (7.7%) | | 平均培訓人次及平均客戶註冊人數 | 144,793 | 147,276 | (1.7%) | | 收入（人民幣百萬元） | | | | | ...

端午节前我们也是参加了中国中方教育的普通大会然后在过节期间发布了关于公司的第二天深度报告那短期我们是判断公司在成本控制方面出现成效包括营销费用、资金还有人力这三大固定成本之间都会有一些改善 所以我们判断公司的中暴是有望超越期的这是短期中期我们也认为疫情还有政策对于公司的影响都在减弱比如说烹饪通过关闭亏损的学校电脑通过去做升学专业汽车保持快速的发展欧米奇还有美叶欧米奇是有望减亏美叶是有望跑通成为一个新的增长点然后长期公司也是有望通过区域中心拉长学质然后应对公办在升学方面的一个竞争 那从公司的安全经济来看我们看到目前公司的市值也就是40多亿但账上金钱金还有30亿那补息率有10%所以我们是非常推荐大家底部来关注这样一个投资的机会今天我们也非常荣幸邀请到公司的投资部长华总还有财务部的丁部长和大家做一个交流那首先把时间交给华总就工作情况来做一个介绍谢谢华总好的 首先谢谢双双也谢谢各位投资人今天上午能够来到这个会议上 刚才双双已经讲得很清楚就是其实我们的业务的拐点其实在今年的上半年已经非常明确了特别是财务方面的一些数据那么我再更加清晰一点的把一些财务的一些方面跟大家再做一个相对来说比较详细一点的解析那么今年上半年我们的半 ...

证券研究报告|港股公司动态研究报告 [Table2_0D2a4te年] 06月 08日 [推Table荐_Title]中 国东方教育底部机会 [中Tab国le_T东itle2方] 教育（0667.HK) 评级及分析师信息 [Ta bl此e_前Su业mm绩ar承y]压 原因 [评Ta级bl：e_ Rank] 买入 上次评级： 买入 我们分析，公司自2019年上市后业绩承压主要受到以下几个 目标价格（港元）： 方面的影响：（1）疫情影响长期生招生，而疫后虽然招生恢 最新收盘价（港元）： 2.23 复，但长期生仍需消化2年以上招生缺口；（2）2021年职普 比严格执行下的公办竞争影响，主要体现在新东方烹饪的头部 [股Ta票bl代e_码Ba：se data] 0667 校区；（3）销售费用刚性，这主要受到公司在19-22年学校 52 周最高价/最低价（港 数快速扩张、互联网渠道分散、公司新增综合专业推广及新增 3.85/2.11 元）： 渠道招生影响；（4）19年上市后高举高打，做地县级下沉扩 总市值（亿港元） 48.59 校，形成亏损，23年关闭亏损学校造成一定亏损影响。 自由流通市值（亿港元） 48.59  ...

Educational Operations - As of December 31, 2023, China East Education operated 245 schools and centers with an average enrollment of 146,839 students[5]. - The culinary arts segment, under the New East brand, had 76 schools with an average of 58,529 students enrolled[10]. - The information technology segment, represented by Xinhua Internet, operated 39 schools with an average enrollment of 41,061 students[10]. - The auto services segment, under Wontone, had 41 schools with an average of 39,175 students enrolled[10]. - The fashion and beauty segment, represented by On-mind, operated 5 schools with an average enrollment of 1,955 students[10]. - The total average number of students enrolled across all segments for the year ended December 31, 2023, was 146,839[10]. - The company focuses on providing innovative vocational training in four key sectors: culinary arts, information technology, auto services, and fashion & beauty[5]. - The comprehensive nationwide school network covers almost all provinces in mainland China and Hong Kong[5]. - The number of schools in operation reached 245 as of December 31, 2023, including 76 schools under New East Culinary Education and 41 schools under Wontone Automotive Education[11]. - The company expanded its business to Hong Kong, increasing the number of operational schools from 71 to 126 over a specified period[11]. - The company founded Omick Education of Western Cuisine and Pastry to offer high-quality western-style catering education, diversifying its educational offerings[11]. - The company has established seven renowned school brands, including New East Culinary Education and Omick Education, to cater to diverse vocational training needs[32]. Financial Performance - For the year ended 31 December 2023, the Group's revenue was RMB 3,979 million, representing a year-on-year increase of 4.2% compared to 2022[18]. - The net profit for the year was approximately RMB 273 million, representing a year-on-year decrease of 25.8% compared to 2022[18]. - The adjusted net profit for the year was RMB 281 million, representing a year-on-year increase of 5.4% compared to 2022[18]. - Gross profit for the year was RMB 1,908 million, slightly up from RMB 1,891 million in 2022[18]. - Adjusted EBITDA for the year was RMB 1,136 million, down from RMB 1,189 million in 2022[18]. - Total assets as of 31 December 2023 were RMB 9,291 million, compared to RMB 9,489 million as of 31 December 2022[18]. - The cost of revenue rose from approximately RMB 1,928 million in 2022 to approximately RMB 2,070 million in 2023, marking an increase of 7.4%[60]. - Selling expenses increased from RMB 946 million for the year ended 31 December 2022 to RMB 1,037 million for the year ended 31 December 2023, reflecting a growth of approximately 9.6%[68]. - Administrative expenses rose from RMB 512 million in 2022 to RMB 529 million in 2023, representing about 13.3% of revenue for 2023, stable compared to 13.4% in 2022[68]. Student Enrollment and Growth - The number of new students enrolled was 152,881, representing a year-on-year increase of 13.8% compared to 2022[18]. - The average number of students enrolled nationwide in 2023 was 146,839[18]. - The Group opened 5 new schools, bringing the total number of institutions nationwide to 245[18]. - The total number of new students enrolled across all segments increased by 13.8% to 152,881 in 2023 from 134,347 in 2022[41]. - Long-term enrollment in the Fashion and Beauty segment surged by 392.3% to 1,728 in 2023 from 351 in 2022[41]. - Short-term course enrollment in the Auto Services segment increased by 31.9% to 17,923 in 2023 from 13,593 in 2022[41]. Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code for the year ended December 31, 2023[112]. - The Board is collectively responsible for promoting the success of the Company and directing its affairs[114]. - The Company is committed to enhancing its corporate governance practices and will review them periodically to align with statutory and professional standards[113]. - The Company has adopted a written human resources policy to govern recruitment and diversity of the workforce[157]. - The Company has provided appropriate insurance cover for Directors and officers' liabilities to protect against potential legal actions[131]. Future Plans and Strategic Initiatives - The Group plans to establish Vocational Education Industrial Parks in major student recruitment provinces, with the first phase in Sichuan and Shandong already operational, and projects in Guizhou and Henan nearing completion[87]. - The Group aims to expand its school network to cover all provincial capital cities in China, targeting cities with significant unmet demand for skilled workers in various sectors[88]. - The Group intends to diversify its course offerings in culinary arts, information technology, auto services, and fashion & beauty, while exploring new sectors like artificial intelligence and healthcare[89]. - The Group believes that the Vocational Education Industrial Parks will drive increased student demand for its education services and achieve cost synergies in the future[86]. Employee and Management Structure - As of December 31, 2023, the total number of employees is 10,881, with 48.0% being full-time teachers and instructors[97]. - The company plans to hire additional teachers and instructors as part of its expansion strategy[98]. - The remuneration packages are determined based on individual qualifications, experience, performance, and market rates[100]. - The executive directors and core management account for 3.1% of the total employee count[97]. - The company emphasizes performance-based bonuses in its employee compensation structure[100]. Risk Management and Financial Assets - The Group has sufficient capital to meet its commitments and working capital requirements for future operations and general business expansion[75]. - Internal control and risk management measures are in place to monitor the performance and redemption status of financial assets, which are generally low-risk and issued by reputable institutions[79]. - The Group did not use financial instruments for hedging purposes in 2023 but monitors foreign exchange exposure and may consider hedging when necessary[85]. Environmental, Social, and Governance (ESG) Reporting - The Group's Environmental, Social, and Governance (ESG) report covers the period from January 1, 2023, to December 31, 2023, adhering to the Stock Exchange's reporting guidelines[191]. - The report includes data from seven major industrial brands under the Group, maintaining consistency with the prior year[198]. - The Group emphasizes the importance of transparency in its reporting, avoiding any biases that could mislead stakeholders[197].